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Mayor's statement on St. Marys Paper insolvency

NEWS RELEASE CITY OF SAULT STE. MARIE ************************* Mayor John Rowswell reacts to St. Mary's Paper CCAA filing (Sault Ste. Marie, ON) - In response to a statement issued by St. Marys Paper Ltd.
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NEWS RELEASE

CITY OF SAULT STE. MARIE

************************* Mayor John Rowswell reacts to St. Mary's Paper CCAA filing

(Sault Ste. Marie, ON) - In response to a statement issued by St. Marys Paper Ltd. to the effect that it has voluntarily filed under the Companies' Creditors Arrangement Act, Sault Ste. Marie Mayor John Rowswell has issued the following statement:

"Industry is very important to Sault Ste. Marie, not only in the employment that it provides, but also in the assessment that it generates for the municipality.

"St. Marys Paper is one of our oldest and largest industrial citizens and it is therefore important for us to do everything within our power, much as we did with Algoma Steel's restructuring, to ensure that they recover from this financial challenge as a stronger and better company.

"We care about St. Marys Paper and its employees and we will work with them through these trying times."

************************* Earlier SooToday.com coverage of this story

St. Marys Paper is broke, seeks protection from creditors


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